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The person drawing a bill of exchange is the drawer and the person on whom the bill is drawn is the drawee. When the drawee has accepted the bill, i.e. has accepted liability, he is known as the acceptor. The normal form of acceptance is by signature on the face of the bill. He cannot deny the existence and capacity of the drawer or payee or the signature of the drawer - he can, however, question an endorsement (he would not be obliged to pay on a forged endorsement). Delivery is necessary for complete acceptance: this means the acceptor willingly parts possession or gives notice of acceptance. If the bill is in the hands of a holder in due course delivery is presumed.

It is possible for a bill to be negotiated before acceptance. It is then up to holder of the bill to present it for acceptance before or at the time of payment. Presentation for acceptance is not obligatory except where the bill so stipulates or where it is payable after sight, or payable elsewhere than at the residence or place of business of the drawee.


Reference: The Penguin Business Dictionary, 3rd edt.